This "watch" and its requisite tethering reminds me so much of the video from years ago where a guy who is wearing some electronics on his wrist is stopped by a curious passer-by, who asks about the device. The onlooker is impressed. However, he has to ask about the large suitcase the device owner has been struggling to carry. "Oh," he replies, "that's the power supply."

I don't think Samsung needs to be concerned with Apple - well except they need to continue copying features.

But what really kills them is the Android competition. Last year, Android was all Samsung, no one else. This year I see lots of _attractive_ and cheap Android phones in the mall. Sony makes very nice designs at super competitive prices - for $400 you can get a fugly Android mid range product - an "almost" S4 or almost Note with worse features and a worse screen - or you can get a really nice Sony Xperia. Sony designs in particular just look better than Samsung.
Others are attacking the low end with huge screens, lots of specs: Oppo, Acer.

These will only have minimal impact on Apple, but a potentially very big one on Samsung. That's the problem with making commodity devices - others come up and eat your lunch.

The truth is the entire Android market is up for grabs, anyone can join, and anyone can compete so Samsung will face more and stiffer competition. Samsung has some advantages on manufacturing but their designs look really tired right now. Phones always sold on looks...